The programme broadcast in October revealed that Mr Whyte had been banned from being a company director for seven years in 2000. Rangers did not announce this until 30 November, six weeks after it had been confirmed by the Insolvency Service in the BBC documentary. Last month the exchange suspended trading of Rangers shares after accounts were filed late.

A PLUS statement read: "The amount of the regulatory fine has been determined taking into account a range of factors including, but not limited to, the seriousness of the rule breach and the circumstances of Rangers FC."

Two weeks ago Rangers were placed into administration over an unpaid tax bill.